PRESS DIGEST- New York Times business news - Dec 15

Dec 15 (Reuters) - The following are the top stories on The
New York Times business pages. Reuters has not verified these
stories and does not vouch for their accuracy.

- The Hudson's Bay Company, which owns Saks Fifth
Avenue, is in advanced talks to buy the fashion flash-sale
website, Gilt Groupe, for about $250 million, a person briefed
on the matter said on Monday. That is down significantly from
the $1 billion valuation that Gilt fetched more than three years
ago.(nyti.ms/1TMlNVK)

- On Monday, Third Avenue Management said that its chief
executive, David M. Barse, a bankruptcy lawyer who had been
instrumental in establishing the credit fund, would be leaving
the firm, bringing an abrupt end to a 24-year career at the
firm.(nyti.ms/1Nmj9EA)

- The New York City public advocate has asked federal
regulators to investigate whether the gun manufacturer Smith &
Wesson Holding Corp had made adequate disclosures in
its financial statements about how often its products are
involved in crimes. (nyti.ms/1I5WSw2)

- The Federal Aviation Administration on Monday announced
new rules that will require nearly all owners of
remote-controlled recreational drones to register the machines
in a national database, an attempt by the agency to address
safety fears. Drone owners will be required to submit their
names, home addresses and email addresses to the F.A.A.,
disclosures meant to encourage users to be more responsible,
officials said. (nyti.ms/1QhMhRw)

- Samsung Electronics Co Ltd has filed an appeal
to the Supreme Court, arguing that the legal framework for
design patents is an issue larger than its dispute with Apple
Inc. (nyti.ms/1IRjkZO)
(Compiled by Sneha Johny in Bengaluru)